All Forum Posts by: David Tower

I'm the BP'er that recommended Flip2Freedom to Todd (yes Sean, I do take checks hehe)so I'll chime in.

While I have not yet completed a wholesale deal, I know without a doubt that it will happen soon and I also know without a doubt that I will have Sean Terry to thank for it. (along with people like Ryan W,Michael Q,Eric M,J Scott,Jon H, etc from BP you guys rule)

First, I will say that I'm 100% satisfied with Flip2Freedom. Yes, it was a small expense, but I have no problem investing in my education.

Second, I will agree with Jon C and say that the private forums within the academy are underutilized. BUT, that's not Sean's fault. For those of us who use the forums and post questions....Sean always responds. That being said I'd like to see more forum activity.

The videos are AWESOME (especially that shirt!) But the best part about the academy in my opinion is the bi-weekly coaching calls. We can e-mail, post, or ask ANYTHING and Sean will spend as much time as needed explaining it.

Now....could I succeed with websites and books alone? Maybe..but I wouldn't have a fraction of the confidence I have now having joined Flip2Freedom. As Sean said....if the academy isn't for you, just the podcasts alone are incredible (my words)

I've read through every wholesaling post on BP, and aside from a handful of quality discussions that are very very good, most of the 105 pages can't touch the material that Sean provides for free in his podcasts.

As someone who's starting brand new, I felt that getting either a home study course like Eric M's, or joining a coaching program would be a perfect compliment to all the information from the interwebz. Sean provided me TONS of great content already, so I chose him and I'm happy I did. He's a great motivator and very likeable.

Sean, I'm sure you'll read this so let me say Thank You for everything. Someday when I'm as Baller as you, I hope to meet you and buy you a drink.

-Dave

Wow....I've got a lot to learn about rentals! That's my ultimate goal after building up cash through wholesaling and rehabbing but admittedly, I haven't studied the subject of rentals much.

I really do appreciate everyone's advice and I will take it to heart. Even if I pushed the envelope a bit, I think being so far away from the property would push a thin deal in to a bad deal pretty quickly.

The figure listed is PITI all in number, but I get what you're saying

Thank you Jon for your insight. I'd be looking at renting the house, which is a single family raised ranch for 1800-2000 gross although that hasn't been confirmed yet.

My current payment is 1370.66 although I can also look in to refinancing from 5% down to 4.3 or so and also doing away with my PMI.

Say I get a best case scenario of lowering my payment down 1200 or so and taking in 1800 (after management fees)....does that sound like it would work? I honestly don't know if I'll be back to Rhode Island but it's a possibility.

Perhaps selling,and thus burning my bridge and safety net, will give me even more motivation to become successful in real estate. Not as drastic as quitting my 9-5, but that would be silly.

thanks again

Sorry it took me so long to respond....been very busy.

Well, as it turns out...I don't qualify for any relo benefits other than a decent sized cash consideration. I will most likely rent out my house here in RI and also rent a condo in TX.

If all goes to plan, I'll have my wholesaling business up and running before long and take it from there.

Thanks

Thanks everyone for your input. As it turns out....we're probably moving to Texas! If you want to check out my TX thread I'm seeking advice....it's in the off-topic section.

Hello BP,

I think this could be a fun discussion, but I'm really coming to ask the pro's and veterans of life for some advices.

I have the option to move from the Northeast to the Dallas/Fort Worth area of Texas.

There's lots of factors to consider, but I'd basically be weighing 3 things. The incentives (which are very nice), my house here in RI, and the fact that I'm about to start doing my first marketing for motivated sellers to begin wholesaling.

I don't know if I should sell my house and buy there, rent my house and buy there, or sell my house and rent there.

homeowner relocation benefits offered:

company pays all commissions and closing costs. (approx 8%?) In addition, I'd get a 5k make-ready allowance to spend on fixing the house up. Anything not spent can be given as a buyer incentive. If the house sold within 60 days of listing I'd get another 2% of sales price cash (tax free) 60-120 days is 1%.

I would also get 2% of purchase price if I were to buy in Texas.

House was bought april 2009 for 174.5k and appraised at 199k. I put 20k in to it adding a very nice bedroom and bathroom in the finished lower level, new appliances, and paint throughout. I don't know an accurate appraisal value at this point but I assume I have at least 60k in equity. I owe 150ish

Is that a no-brainer sale? I was leaning towards renting the house before i found out the details (if I did I'd get 90 days free living in TX) and I think, after property mgmt fees I could cash flow $250-$300 a month. There is also a very nice cash consideration given to move.

As for my wholesaling business, I figure it would be just as good to start there as it would be here, if not better since people in the northeast don't buy or rehab houses in the winter.

I'm considering buying a newer house that needs work and fixing it up while I get settled there for my first rehab project.

I'll stop the rambling there....thanks in advance for your input.

Yeah I hear ya. It's sad really. The more I think about it, the more I think people will be too busy or lazy to care.

Hi Folks,

I work for a major investment firm. I've been thinking about proposing that we start either a lending library or a book of the month club for my department(150 people or so)with books ranging from personal development, to investing, to business excellence, etc.

I was thinking of the "Leaders are Readers" angle but I don't know if it's going to come across the wrong way. We could set up a sharepoint site where people could discuss the books too. Maybe I could even get the company to pony up some dough for used books through amazon or something.

I could moderate the site, gather suggestions, send e-mails, etc.

What'ya think? Good idea or waste of time?

Thanks for the feedback,

-Dave

Hello,

In addition to this site, which is amazing, I personally recommend checking out Sean Terry's podcast from iTunes. It's called Flip2Freedom. He also has a free e-book on his site. His fast start podcast series (episodes 22-27) are jam packed with information about all aspects of wholesaling.

If you read through all 100 pages of this forum, listen to all of Sean's podcasts (he's got 60 so far) and read his e-book you'll know everything you need to get started. Then it's all about MASSIVE ACTION.